Bank of America a Founding Member in the Coalition to Tackle Racism in the Workplace Created by the World Economic Forum
The World Economic Forum has today launched the Partnering for Racial Justice in Business initiative, which will see a coalition of organizations commit to building equitable and just workplaces for professionals with under-represented racial and ethnic identities.
The Partnering for Racial Justice in Business initiative has been designed to operationalize and coordinate commitments to eradicate racism in the workplace and set new global standards for racial equity in business. It also provides a platform for businesses to collectively advocate for inclusive policy change.
What action looks like
Three steps are required to join the initiative:
- Racial and ethnic equity must be placed on the board’s agenda
- Companies must make at least one commitment towards racial and ethnic justice in their organizations
- Companies must put a long-term strategy in place towards becoming an anti-racist organization
Examples of business commitments towards racial and ethnic justice range from allocating financial and human resources to racial justice work, setting representation goals for all seniority levels, and establishing mentorship programmes for racially and ethnically diverse employees.
One of the initiative’s starting points will be Black inclusion and addressing anti-Blackness. A broad-brush approach to racism fails to grasp its effects on different under-represented groups. Anti-Black racism is historically one of the most pervasive forms of racism. As such, a targeted and specific approach to tackle it in the workplace is required. As the initiative evolves, it will seek to increase the visibility of racially and ethnically diverse leaders throughout industries, and expand its focus to include additional racial and ethnic groups.
“With just 1% of Fortune 500 companies led by Black chief executives, the need to tackle racial under-representation in business is urgent and obvious. To design racially and ethnically just workplaces, companies must confront racism at a systemic level, addressing not just the structural and social mechanics of their own organizations, but also the role they play in their communities and the economy at large. The Partnering for Racial Justice in Business initiative provides an effective platform for businesses to take individual and collective action towards racially and ethnically just workplaces,” said Saadia Zahidi, Managing Director at the World Economic Forum.
The initiative originates from the World Economic Forum’s New Economy and Society Platform, which is focused on building prosperous, inclusive and just economies and societies. In addition to its work on economic growth, revival and transformation, work, wages and job creation, and education, skills and learning, the Platform takes an integrated and holistic approach to diversity, equity, inclusion and social justice, and aims to tackle exclusion, bias and discrimination related to race, gender, ability, sexual orientation and all other forms of human diversity. It produces data, standards and insights, such as the Global Gender Gap Report and the Diversity, Equity and Inclusion 4.0 Toolkit, and drives or supports action initiatives, such as the Community of Chief Diversity and Inclusion Officers, The Valuable 500 – Closing the Disability Inclusion Gap, Hardwiring Gender Parity in the Future of Work, Closing the Gender Gap Country Accelerators, Partnership for Global LGBTI Equality and the Global Future Council on Equity and Social Justice.
The founding members of the initiative are: A.P. Møller-Maersk, AlixPartners, AstraZeneca, Bank of America, BlackRock, Bloomberg, Boston Consulting Group, Bridgewater Associates, Centene, Cisco Systems, Cognizant, Dentsu International, Deutsche Bank, EY, Facebook, Google, H&M Group, Henry Schein, HP, Infosys, Ingka Group (IKEA), Jacobs Engineering Group, Jefferson Health, Johnson & Johnson, Kaiser Permanente, Kearney, LinkedIn, ManpowerGroup, Mastercard, Mayo Clinic, McKinsey & Company, Microsoft, Nestlé, PayPal, PepsiCo, Procter & Gamble, PwC, Salesforce, SAP, Standard Chartered Bank, Tata Consultancy Services, The Coca-Cola Company, Depository Trust & Clearing (DTCC), Thermo Fisher Scientific, Uber Technologies, Unilever, UPS and Willis Towers Watson.
“This initiative is an important step in helping accountable business leaders do more to change the foundational systems that interfere with achieving equity. Kaiser Permanente is taking bold actions within our organization to evolve and advance our equity, diversity and inclusion strategy, and we look forward to being part of this coalition, both to help its work and learn from others.” — Greg A. Adams, Chairman and Chief Executive Officer, Kaiser Permanente
“At IKEA, we side with the many, and we believe that a better every day is also an equal every day. We are committed to create a fair and equal workplace for everyone, no matter their ethnicity, race or nationality. We see three main reasons: It is about fairness, it’s about reflecting the diversity of our customer base to meet the dreams and needs of our customers in better ways. And finally, it opens up more and new opportunities to attract and recruit the best talents. By working together with the Forum and other businesses we hope to accelerate the pace and scale of change to create more fair and just workplaces and society.” — Jesper Brodin, Chief Executive Officer, Ingka Group (IKEA)
“The new global standards established by Partnering for Racial Justice in Business come at a time of heightened global focus on racial injustice, underscored by a pandemic that has disproportionately affected Black and Latino communities in the United States, along with other marginalized communities worldwide. We believe companies – critical enablers of wealth creation and professional mobility – must play a leading role in building a more equitable future for all. And as an organization that exists to create economic opportunity for the entire global workforce, we are honoured to join this initiative.” — Rosanna Durruthy, Global Head of Diversity, Inclusion, and Belonging, LinkedIn
“At P&G, we aspire to create a company and a world where equality and inclusion are achievable for all people. For us, this starts with ensuring equitable and inclusive workplaces, and drives the actions we take with our brands and business partners and throughout communities around the world. The Forum’s Partnering for Racial Justice in Business initiative will help foster cross-sector collaboration towards this aspiration and enable P&G and many companies to accelerate progress faster than any of us could do alone, and we’re proud to lend our support.” — Shelly McNamara, Chief Equality and Inclusion Officer, Procter & Gamble
“In order to have an economy that works for everyone, we all have an obligation to address the inequalities that have existed for too long; that includes systemic racism. At Mastercard, we believe that our success comes by ensuring decency, well-being and inclusion are part of everything we do. Bringing together groups like this creates the potential for greater impact, accelerating our ability to learn from one another and deliver action at scale.” — Michael Miebach, Chief Executive Officer, Mastercard
“As a global organization that runs with purpose, we will only have done our jobs if we create opportunities for every employee to flourish and for social justice to prevail. We must understand the role we play, the things we can do better, and the actions we can take to ensure equality for all. Let our work together be a shining example of the change we are advocating.” — Judith Williams, Head of People Sustainability and Chief Diversity and Inclusion Officer, SAP
The COVID-19 pandemic continues to widen inequalities, with disproportionate repercussions for disadvantaged groups and minorities. What policies, practices and partnerships are needed to embed equity and inclusion into our economic systems? The Davos Agenda is a pioneering mobilization of global leaders aimed at rebuilding trust to shape the principles, policies and partnerships needed in 2021. It features a full week (25-29 January) of global programming dedicated to helping leaders choose innovative and bold solutions to stem the effects of the pandemic and drive a robust recovery over the next year. Heads of state, chief executives, civil society leaders and the global media will actively participate in almost 100 sessions covering five themes. Media can register here.